Early this month, the right wing jumped the shark when they decided that they would attribute the bear market that began on the watch of George W. Bush to President Obama. From March, it became the "Obama Bear Market."
The DJIA is ever so close to completely closing the gap between Inauguration day when it closed at 7,949. What will they say then?
No doubt soon, the DJIA will retrace back to its close of 9,139 the day after the election. What will they say then?
Can you see? The talking points were built on a foundation of dry sand.
The rally has started and it will be a doozy;
Look at the following charts. The amount of cash sitting and waiting for a home is staggering. When it decides to flow into equities, the upside could be like nothing we have ever seen.
And this morning, the long list of "surprises" on the upside continue with Best Buy;
For the fiscal 2009 fourth quarter, Best Buy’s revenue increased 10 percent to $14.7 billion, compared with revenue of $13.4 billion for the fourth quarter of fiscal 2008. The revenue increase reflected the inclusion of Best Buy Europe’s revenue and gains from the net addition of 213 new stores in the past 12 months. Revenue gains were offset by a comparable store sales decline of 4.9 percent and the unfavorable impact of foreign currency fluctuations. Excluding foreign currency effects and the impact of adding Best Buy Europe, total fiscal fourth-quarter revenue declined 2 percent versus the prior-year period. The comparable store sales decline for the fourth quarter was driven by a reduction in customer traffic, partially offset by an increase in the average ticket. The company noted that U.S. comparable store sales declined 2.5 percent in the combined January and February period, compared to the 6.8-percent comparable store sales decline for December, as reported by the company on Jan. 9, 2009.